[Discuss] SCO Group (TSG) Now Officially in Chapter 7, with Cahn Still at the Helm

[Jack Coats]

Why does this remind me of the actor 'Slim Pickens' riding the atomic
bomb in 'Dr Strangelove'?

http://www.youtube.com/watch?v=wcW_Ygs6hm0

On Thu, Aug 30, 2012 at 3:28 PM, Jerry Feldman <gaf at blu.org> wrote:
> http://www.groklaw.net/article.php?story=20120824173947931
> Wednesday, August 29 2012 @ 05:39 PM EDT
>
> It's a done deal. SCO is now officially transferred from Chapter 11 to
> Chapter 7 bankruptcy protection. Here's the order [PDF]. The Chapter 11
> trustee, Edward Cahn, was to turn over all the records and assets to the
> interim Chapter 7 trustee as soon as the US Trustee appoints him or her, and
> file with the court within 14 days a list of all unpaid debts incurred after
> the Chapter 11 bankruptcy began and within 30 days a final report. Of
> course, as he requested, he is now appointed [PDF] as the Chapter 7 interim
> trustee. He just changes hats.
>
> So what does that mean? Chapter 11 is where you are going to try to
> reorganize the business and save it, paying creditors whatever you can.
> Chapter 7 is where you have come to bury the company once and for all. But
> first you sell off any assets, which at the moment would be the litigation
> prospects. I wonder who might be interested in buying that?
>
> ------------
> Basically, I don't think the judge should have ever let them file chapter 11
> in the first place. Novell and other filed motions to make them Chapter 7
> when they first filed.
>
> --
> Jerry Feldman <gaf at blu.org>
> Boston Linux and Unix
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